International Steel Mills
Riva Steel to Cease All Italian Activity Except ILVA Steel
Written by Sandy Williams
September 12, 2013
Italian steel maker Riva Steel announced it will cease as of today (September 12) all activities at its plants in Italy except those at its troubled Taranto-based ILVA Steel.
The announcement follows the seizure of almost 1 billion euros of assets from the Riva Group by Italian police on September 10. The seizure was ordered by Taranto Judge Patrizia Todisco in an investigation against ILVA management for alleged criminal activity associated with environmental disasters at the steel mill. Last month prosecutors asked for indictment of former ILVA head Emilio Riva and two other former executives for massive tax fraud dating back to 2007.
Riva Steel said plants cannot operate due to the seizure of cash and blocking of banking activities. The suspension will affect approximately 1,400 workers. The company plans to contest the seizure of assets.
ILVA has been the center of political and environmental controversy since 2012 when toxic factory emissions were found to be contributing to high mortality rates from cancer and respiratory diseases in Taranto area. The court ordered a partial shutdown of the plant last year but the Italian government stepped in to keep the mill open while environmental issues were addressed. Prosecutors challenged the government’s authority to intervene with closure of the facility.
Sandy Williams
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